Tech Stocks Rally Boosts U.S. Markets Amid High-Stakes U.S.-China Summit

U.S. stocks advanced on Thursday, spurred by a significant uplift in tech stocks as investors processed generally solid economic data and eagerly awaited the outcomes of President Trump's critical meeting with Chinese President Xi Jinping in Beijing. The S&P 500 and Nasdaq achieved new record highs as optimism soared.

The Dow Jones closed narrowly short of its all-time high. "The rally leaves many excited but anxious," stated Robert Pavlik, a senior portfolio manager, "Participation is key as the market climbs to untouched heights." Meanwhile, notable figures such as Elon Musk joined Trump at the summit.

High-stakes issues, including trade and geopolitical tensions, were on the summit's agenda. Inflation concerns persisted, driven by rising gasoline prices amid conflict in the Middle East, adding pressure on the Federal Reserve's rate cut expectations. Tech sectors led market advances, with Nvidia seeing a significant share price increase due to new sales permissions to China.

(With inputs from agencies.)